6 months ago

Petromin marine and offshore Jan-Feb Issue

The country’s move to

The country’s move to expand its LNG capacity to 11 million metric tonnes a year (mt/year) by 2018 and give international players access to storage and reload services demonstrates its commitment to become a regional facilitator of LNG trading. Unlike other Asian buyers, Singapore has taken bold steps to MPA CEO Andrew Tan, Pavilion Energy CEO Seah Moon Ming, Senior Minister of State Koh Poh Koon and Pavilion Energy chairman Hassan Marican at the LNG bunkering launch ceremony. Natural Gas on the Rise develop a competitive and liberalised gas market, has access to international pipeline connections, and already allows thirdparty access to its gas and LNG About 95 per cent of Singapore’s electricity is generated using natural gas. infrastructure. Before the completion of Singapore’s first liquefied natural gas (LNG) terminal in 2013, the city’s only option was to import natural gas via pipelines from Malaysia and Indonesia. It has the support of its regulatory authorities and first-mover advantage relative to similar efforts by Japan and Shanghai to build their Singapore’s LNG industry has boomed since then, powering gas cookers own LNG hubs. and water heaters in most households and fuelling industries including refineries and petrochemicals. Singapore is seizing a huge part of Its LNG ambitions are massive, involving markets further afield. Singapore’s strategic location and reputation as a global trading hub for other commodities place it at the forefront of becoming Asia’s LNG trading hub. the global LNG pie. It has reloaded six cargoes, of slightly less than 400,000 mt of LNG, from January to November 2017, up from five cargoes in 2016, according to S&P Global Platts Analytics. 16 January to February 2018

Meanwhile, the global market has reloaded just over 2 million mt of LNG this year, down from a peak of nearly 6 million mt in 2014, when the JKM averaged US$13.86/MMBtu. be used to build new LNG bunker vessels to allow ship-to-ship LNG bunkering and to build LNGfuelled vessels. Storage and reload costs on a US$/MMBtu basis are even higher for medium and smallsize LNG cargoes, one of the potential growth areas for Singapore. The future of Singapore’s further plans to develop the LNG sector, including LNG bunkering plans and leveraging LNG as a marine fuel – an alternative to the currently used marine diesel oil – are dependent on several factors including the areas where the vessel operates, the life of the ship, and most importantly, its relative price to other fuels. To boost LNG bunkering in Singapore, the Maritime and Port Authority of Singapore has announced in December 2017 that it has pumped another S$12 million into the industry. The funds will January to February 2018 17

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